South Korea to hold a new tender for 60 fighter jets

South Korea said it would hold a new tender for 60 fighter jets after rejecting Boeing's bid for the 8.3 trillion won ($7.7 billion) contract over concerns the F-15SE wasn't advanced enough to counter North Korea's nuclear threat.

"South Korea needs measures for retaliation against North Korean provocation," defence ministry spokesman Kim Min Seok said. "South Korea needs to secure military capability in line with recent aviation technology developments."

Boeing's F-15 Silent Eagle, a new model featuring stealth technology to avoid detection, was the only jet that remained in contention after Lockheed Martin and EADS presented bids that exceeded budget guidelines. Another auction will be held "swiftly", said Baek Youn Hyeong, spokesman for the arms procurement office. – (Bloomberg)